Solid FY 2023 results bring the Back to Growth strategic plan to a close with
Key highlights
- FY 2023 consolidated sales of €1,062 million, up +1.9% organically(1)
- FY 2023 subscription-related revenue up +3.4% on an organic basis, representing 70% of total revenue
- Strong performance from
North America with all three solutions contributing to the +4.5% organic growth in the region in FY 2023.North America represents 57% of Group Sales - FY 2023 current EBIT(2) of €157 million, up 9.3% organically driven by both software and locker profitability improvement
- Net attributable income of €69 million, up from €13 million in FY 2022
- Proposed dividend of €0.65 per share, up for the third consecutive year, and up +8% year-over-year
- Leverage ratio excluding leasing at 1.65x3 exceeding the 1.75x target set early 2021
- Positive outlook for FY 2024
- Capital Markets Day to outline the 2024-2026 strategic plan scheduled for
19 June 2024
“More specifically, the second phase of our plan, launched three years ago, was aimed at setting
“This solid performance coincides with three major successes for our Software activities: a return to operating profitability, the successful transition to a SaaS business model, and the deployment of a cloud platform recognized as an undisputed leader in its field by industry analysts, notably for its use of AI-driven technologies. The improving operating trend is expected to continue, driven by sustained organic growth in subscription-related revenue, thanks, in particular, to significant cross-sales to our existing customer base. Meanwhile, our Mail business has continued to exceed expectations, through growth in product placements, and by maintaining a high level of profitability. Finally, in our Locker Solution, building upon our experience in
“As we are closing this key chapter in the history of the Company, I look forward to sharing the next stage of our journey with you, so please join us on
FINANCIAL PERFORMANCE BY SOLUTION AND GEOGRAPHY
Group sales came in at €1,062 million in FY 2023, a 1.9% organic growth compared to FY 2022 and a (0.8)% decrease on a reported basis. Organic growth was in line with the guidance of c.2% revised in
In the fourth quarter of 2023, consolidated sales stood at €284 million, up 1.4% on an organic basis and down (0.3)% on a reported basis compared to the fourth quarter of 2022.
Consolidated sales and current EBIT(2) by Solution
FY 2023 consolidated sales
In € million | FY 2023 | FY 2022 | Change | Organic change |
Intelligent Communication Automation | 245 | 227 | +7.9% | +9.0% |
Mail-Related Solutions(a) | 729 | 747 | (2.4)% | (0.2)% |
Parcel Locker Solutions(a) | 88 | 91 | (3.1)% | +1.6% |
Other solutions divested in 2022 | 0 | 5 | n/a | n/a |
Group total | 1,062 | 1,071 | (0.8)% | +1.9% |
(a) Mail-Related Solutions and Parcel Locker Solutions 2022 data have been restated to reflect the fact that they now include activities previously accounted for in Additional Operations. |
Current EBIT(b) and current EBIT margin(b) by Solution – FY 2023
FY 2023 | FY 2022 | |||
In € million | Current EBIT | EBIT margin | Current EBIT | EBIT margin |
Intelligent Communication Automation | 1 | 0.3% | (10) | (4.5)% |
Mail-Related Solutions(a) | 177 | 24.3% | 187 | 25.0% |
Parcel Locker Solutions(a) | (21) | (23.4)% | (25) | (27.8)% |
Other solutions divested in 2022 | - | - | (0) | (5.3)% |
Group total | 157 | 14.8% | 151 | 14.1% |
(a) Mail-Related Solutions and Parcel Locker Solutions 2022 data have been restated to reflect the fact that they now include activities previously accounted for in Additional Operations
(b) Before acquisition-related expenses
Intelligent Communication Automation
In FY 2023, sales from Intelligent Communication Automation reached €245 million, up 9.0% organically and up 7.9% on a reported basis compared to FY 2022.
Subscription-related revenue recorded a strong 16.8% organic growth, now representing 80% of Intelligent Communication Automation total sales, a significant increase compared to 75% in FY 2022. The successful onboarding of 4,000+ cloud customers on the new Quadient Hub since
The change in business model from on-premise licenses to SaaS and the lower requirements for installation and support services continue to drive the decline in professional services and license sales, which, together, are now representing only 13% and 7% of total revenue, respectively. At the end of FY 2023, annual recurring revenue (ARR), which is a forward-looking indicator of future subscription-related revenue, reached €206 million, up from €187 million at the end of FY 2022, representing a 12.1% organic(4) growth compared to the end of FY 2022. Organic growth for the year was impacted by the postponement of two large contracts recorded in Q3 2023.
Throughout FY 2023,
In the course of the year,
- The launch of the Quadient Hub
- The addition of Daylight, acquired in Q3 2023, rebranded Inspire iForms and subsequently relaunched;
- Enhanced Cash Application module with machine learning and new next-gen payment user interface;
- On-premise solutions enhanced with private cloud deployment options.
Q4 2023 sales were up by 7.2% on an organic basis to €66 million with positive performance from all geographies. The subscription-related revenue showed a strong organic growth at +14.4%. In Q4 2023,
Current EBIT(2) for Intelligent Communication Automation achieved a significant milestone, by reaching profitability, at €1 million, i.e. a current EBIT margin(2) of 0.3%, up 4.8 points compared to FY 2022. This solid improvement comes as Quadient’s Software Solution has almost completed its transition from on-premise licenses to SaaS. It confirms the upturn in profitability trend seen since the inflexion point in H2 2022, despite continued investments in R&D and product developments. The improving profitability trend is expected to continue in FY 2024 supported by a good level of SaaS bookings.
Mail-Related Solutions
Mail-Related Solutions sales reached €729 million in FY 2023, down only (0.2)% on an organic basis and down (2.4)% on a reported basis.
Hardware sales recorded a 2.1% organic growth in FY 2023, with a solid performance in Q4, notably a double-digit increase in
Subscription-related revenues (68% of Mail-Related Solution sales) recorded a limited (1.3)% organic decline in FY 2023, thanks to a solid performance throughout the year, supported both by robust rental product placements and the positive impact on recurring revenue of recent good performance in hardware sales. Solid year-over-year increase in bookings throughout FY 2023 reflect the focus on maintaining an efficient go-to-market, drawing in particular on innovative products. The multiple contracts recently won within the US healthcare industry highlight how Quadient Mail-Related Solutions is able to strengthen its position in an attractive industry with critical communications needs.
Q4 2023 sales continued to show strong resilience, reaching €196 million in Q4, up by 0.3% on an organic basis. Of note, the strong performance in hardware sales, up 3.4% year-over-year on an organic basis.
Current EBIT(2) for Mail-Related Solutions was €177 million for FY 2023. Current EBIT(2) margin reached 24.3%. The level of profitability of Mail-Related Solutions remains high despite investments in sales capabilities. Tight cost control and continued focus on remanufacturing, as well as the increased penetration of the new generation of mail equipment all contributed to this strong performance.
Parcel Locker Solutions
Parcel Locker Solutions sales reached €88 million in FY 2023, a 1.6% increase on an organic basis and a (3.1)% decrease compared to FY 2022. Quadient’s global locker installed base reached c.20,200 units at the end of FY 2023 vs. c.18,000 units at the end of FY 2022. Over the 2021-2023 period, it represents an 18% average increase per annum.
Subscription-related revenues were up 5.3% organically in FY 2023, benefiting from the contribution of the existing installed base and the deployment of existing contracts. Subscription-related revenue stood at 61% of total revenue for Parcel Locker Solutions in FY 2023 and the usage rate of the platform remained solid, standing at 58% in FY 2023.
FY 2023 has been a year of transition for Parcel Locker Solutions with two material events: i) an increased focus on open-networks in
- securing volumes with international carriers (GLS, Evri,
UPS , DHL, Yamato Transport…); - prime locations to install parcel lockers.
Solid volumes ramp up into the existing open networks and continuous efforts to secure prime locations and accelerate lockers deployment should drive future growth in subscription-related revenue.
License and hardware sales were down (7.5)% organically in FY 2023. Hardware sales suffered from high comparison basis due to one off deals in FY 2022. Quadient’s US multifamily business, however, has continued to grow at a steady pace in FY 2023.
Q4 2023 sales stood at €22 million in Q4 2023, a (4.8)% organic decline due to a high comparison basis in International with one-off deals in Q4 2022 as well as the impact from the Yamato contract renegotiation.
Current EBIT(2) for Parcel Locker Solutions was negative at €(21) million in FY 2023, compared to €(25) million in FY 2022, i.e. an EBIT margin(2) of (23.4)%, improving by 4.4 points compared to FY 2022. The improvement in operating profitability was led by gross margin expansion through efficiency measures and lower freight costs. Profitability is expected to continue improving in 2024. Lastly, profitability of the installed base continues to increase year-over-year, standing at 13.6% in FY 2023 vs. 12.5% in FY 2022.
Consolidated sales by geography
FY 2023 consolidated sales
In € million | FY 2023 | FY 2022 | Change | Organic change |
607 | 599 | +1.4% | +4.5% | |
Main European countries(a) | 354 | 356 | (0.8)% | (2.4)% |
International(b) | 101 | 116 | (12.3)% | +1.9% |
Group total | 1,062 | 1,071 | (0.8)% | +1.9% |
(a) Including (b) International includes the activities of Intelligent Communication Automation, Mail-Related Solutions and Parcel Locker Solutions outside of |
Sales in
Main European countries (33% of Group sales) were down by (2.4)% organically and (0.8)% on a reported basis to €354 million, due to a limited decline from Mail-Related Solutions, and despite:
- The positive contribution from Intelligent Communication Automation with a good penetration of recently launched products, and
- Organic growth in Parcel Locker Solutions supported by both the ramp up in volumes in the open networks and the on-going deployment of existing contracts.
Main European Countries posted a 1.8% organic decline in Q4 2023, with a contained decline from Mail-Related Solutions and solid organic growth from Intelligent Communication Automation.
Finally, the International segment (10% of Group sales) delivered a 1.9% organic growth, to €101 million, thanks to solid performance in Intelligence Communication Automation and Mail-Related Solutions partially compensated by both the impact from the change in contractual agreement with Yamato and the temporary slowdown in the expansion of the Japanese lockers network. International sales declined by (6.7)% organically in Q4 2023.
REVIEW OF 2023 FULL-YEAR RESULTS
Simplified P&L
In € million | 2023 | 2022 | Change |
Sales | 1,062 | 1,071 | (0.8)% |
Gross profit | 788 | 785 | +0.4% |
Gross margin | 74.2% | 73.3% | |
EBITDA | 244 | 240 | +1.8% |
EBITDA margin | 23.0% | 22.4% | |
Current operating income before acquisition-related expenses | 157 | 151 | +4.4% |
Current operating margin (before acquisition related expenses) | 14.8% | 14.1% | |
Current operating income | 147 | 140 | +4.5% |
Optimization expenses and other operating income & expenses | (15) | (73) | n.m |
Operating income | 132 | 67 | +96.5% |
Financial income/(expense) | (31) | (36) | n.m |
Net income of continued operations | 84 | 16 | n.m |
Net income from discontinued operations | (14) | (0) | n.m. |
Net attributable income | 69 | 13 | n.m |
Earnings per share | 2.02 | 0.29 | |
Diluted earnings per share | 2.01 | 0.29 |
Gross margin increased to 74.2% in FY 2023 from 73.3% in FY 2022. Improvement was mainly driven by supply chain efficiency, cost control measures and positive volume/mix effect.
Current operating income before acquisition-related expenses (current EBIT(2)) increased for the third consecutive year on a reported basis, reaching €157 million in FY 2023 compared to €151 million in FY 2022. Current EBIT(2) was up 4.4% on a reported basis and up 9.3% on an organic basis, in line with the c.10% organic growth guidance for the year. Current operating margin before acquisition-related expenses stood at 14.8% of sales in FY 2023 compared to 14.1% in FY 2022. The Group’s improvement in operating profitability was achieved without compromising on R&D spending and despite further investments in go-to-market.
Acquisition-related expenses increased slightly to €11 million in FY 2023, compared to €10 million in FY 2022. Consequently, current operating income stood at €147 million in FY 2023, compared to €140 million in FY 2022.
Optimization costs and other operating expenses stood at €15 million in FY 2023, versus €73 million in FY 2022 which was impacted by goodwill impairment and corporate office restructuring.
Consequently, operating income reached €132 million in FY 2023, versus €67 million recorded in FY 2022.
Net attributable income
Net cost of debt was slightly up year-on-year at €29 million, against €27 million in FY 2022. Higher interest rates on the variable portion of the debt (one third of Quadient’s debt) and the c.€2 million financial gain on the partial €57 million buy back of the 2025 bond over the
Income tax expense was stable year-over-year at €17 million in FY 2023 and benefitted from a positive impact of internal IP transfer in 2023.
The corporate tax rate dropped to 16.6% in FY 2023 compared to 54.8% in FY 2022. FY 2022 level was impacted by the low level of income before tax due to goodwill impairments.
Net income from discontinued operations of the Mail Italian subsidiary amounts to €(14) million, level which also includes exceptional charges linked to the sale process for this subsidiary.
Net attributable income after minority interest amounted to €69 million in FY 2023 compared to €13 million in FY 2022.
Earnings per share from continued operations came in at €2.42 in FY 2023 compared to €0.30 in FY 2022. The fully diluted earnings per share(5) was €2.41.
Earnings per share stood at €2.02 in FY 2023 compared to €0.29 in FY 2022. The fully diluted earnings per share(5) was €2.01.
Proposed dividend for FY 2023 stands at €0.65 per share, representing an 8% increase against FY 2022. This would be the third consecutive year of growth for Quadient’s dividend. The dividend is subject to approval by the Annual General Meeting, scheduled for
Cash flow generation
EBITDA(6) reached €244 million in FY 2023, representing a slight increase compared to FY 2022, hence an EBITDA margin at 23.0% in FY 2023, vs 22.4% in FY 2022.
The change in working capital was negative by €6 million in FY 2023 compared to a net cash outflow of €40 million in FY 2022, mostly reflecting an improvement in stock levels after end of FY 2022 level was impacted by high locker and mail inventories due to delays in placements.
The leasing portfolio and other financing services stood at €598 million as of
Interest and taxes paid increased significantly to €55 million in FY 2023 versus the low amount of €35 million paid in FY 2022. The difference was mostly explained by the reimbursement of the 2020 tax loss carry-back measures in the US in H1 2022 as well as the impact from higher interest rates in FY 2023.
Capital expenditure was up to €101 million in FY 2023, compared to €87 million in FY 2022. Development capex was down slightly at €33 million in FY 2023, vs €36 million in FY 2022, back to a normalized level after high levels experienced in 2022 and 2021. Equipment capex was strongly up year-over-year at €44 million in FY 2023, compared to €30 million in FY 2022, thanks to the sustained level of Mail-Related Solutions hardware placements, as well as the focus on deployment of open locker networks. Maintenance capex is slightly down, at €10 million. The increase in capex linked to IFRS 16 was driven by new office leases.
All in all, cash flow after capital expenditure was down to €64 million in FY 2023 compared to €70 million in FY 2022.
OPENING BALANCE SHEET ADJUSTMENTS UPDATE
As disclosed in the H1 2023 results press release(7), released on
The investigation, initiated by
- Active involvement of a few employees responsible for the management of the Italian and Swiss Mail-Related Solutions subsidiaries,
- Containment of these accounting irregularities to these local subsidiaries, and
- Absence of any material impact on the FY 2022 and FY 2023 income statements.
As a result of the investigation carried out, the Group has recorded additional adjustments for €23 million to the accounts of these local subsidiaries relating to previous financial years and recognized in shareholders’ equity in the FY 2022 opening balance sheet (after the €29 million adjustment recorded in H1 2023).
As the investigation is now closed,
In addition and considering the conclusion of the investigation carried out in
LEVERAGE AND LIQUIDITY POSITION
Net debt stood at €709 million as of
The Group has no significant debt maturity before 2025, when its 2.25% bond is maturing.
The leverage ratio (net debt/EBITDA) decreased from 3.0x(3) as of 31 January 2023 to 2.9x(3) as of 31 January 2024. Excluding leasing,
As of
Shareholders’ equity stood at €1,069 million as of
OUTLOOK
FY 2023 marks the end of Quadient’s Back to Growth strategic plan, with Phase Two covering the period 2021-2023. From a financial standpoint, the achievements are solid with only a small deviation against the mid-term outlook set in 2021:
- Organic sales CAGR for the 2021-2023 period was 2.5% in line with the 2.5% mid-term outlook revised in
November 2023 (initially set in 2021 at minimum 3% CAGR), - Organic current EBIT(2) CAGR(10) was 3.3% over the 2021-2023 period against the minimum mid-single digit organic current EBIT(2) CAGR that was set in 2021.
The end of the second phase of Back to Growth also marks the completion of the portfolio rotation that had been planned by
Quadient’s Solutions have achieved significant milestones over the second phase of Back to Growth. For Intelligent Communication Automation, the second phase of Back to Growth was a phase of cloud transformation. First, on the product side, by acquiring two SaaS financial automation modules (in 2020 and 2021 during phase one) to complete the cloud platform; this was followed in FY 2023 by the launch of the Quadient Hub, an integrated cloud platform combining all modules for Intelligent Communication Automation. This innovative and integrated platform is an important driver of additional usage and upsell. The various modules of the Quadient Hub have received numerous leader rankings from external surveys and analysts highlighting the quality of the offering and its market leadership. The solid growth in ARR, which delivered a 19% CAGR over the period, is the validation from customers of the attractiveness of these solutions. Second, from both a technological and financial standpoint, the Solution has almost completed its move from on-premise licenses to SaaS, temporarily impacting its revenue and profitability trajectory. However, as the level of subscription-related revenue increased (80% in FY 2023, vs. 61% in FY 2020), an inflexion point has also been reached for the operating profitability in H2 2022. In FY 2023, the solution has been profitable at current EBIT level(2) and further improvement is expected in the years to come.
Mail-Related Solutions have been outperforming the market throughout the 2021-2023 period, delivering a 0.6% organic revenue CAGR over the period. Whilst the Solution was significantly impacted by the Covid-19 crisis in terms of loss of revenues, the following years have demonstrated resilience and the success of its strategic choices to focus on re-investing in both its go-to-markets and its smart equipment range. Throughout the second phase of the plan, hardware sales showed strong dynamics, especially in the US that benefited from the
Lastly, the financial performance of Parcel Locker Solutions reflects the increased strategic focus towards open networks to drive higher returns per locker. Building on its Japanese network experience,
With the end of the Back to Growth strategy and the Group firmly positioned on a sustainable and profitable growth trajectory, the guidance for FY 2024 is for another year of organic growth both at the revenue and current EBIT(2) levels.
Additional financial guidance, three-year strategic focus and trajectory for the Group will be discussed at Quadient’s Capital Markets Day planned for
Q4 2023 BUSINESS HIGHLIGHTS
On
On
Quadient’s Open Parcel Locker Network Selected as Partner for UPS Access Point Expansion in the
On
On
Quadient Announces Appointment of New Chief Marketing Officer,
On
With a professional journey spanning more than 20 years,
POST-CLOSING EVENTS
On
Quadient’s Financial Automation Cloud Offerings Named as Recommended Solutions by Sage
On
Quadient’s Sustainable and Convenient Parcel Locker Delivery and Pickup Solution Available in Over 20,000 Locations Worldwide
On
Quadient Positioned as Leader in 2024 SPARK Matrix for Customer Communications Management for Fourth Consecutive Year
On
Growing Quadient Partner Program Extends to CCM and Financial Automation Solutions to Support Wider Customer Engagement
On
On
On
Royal Mail offers new parcel drop off and collection experience to consumers by adopting Quadient’s open locker network in the
On
To know more about Quadient’s news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.
CONFERENCE CALL & WEBCAST
To join the webcast, click on the following link: Webcast.
To join the conference call, please use one of the following phone numbers:
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Password:
A replay of the webcast will also be available on Quadient’s Investor Relations website for 12 months.
CALENDAR
27 May 2024 : First quarter 2024 sales release (after close of trading on the Euronext Paris regulated market).14 June 2024 : Shareholders General Meeting19 June 2024 : Capital Markets Day
About Quadient®
For more information about
Contacts
+33 (0)1 45 36 30 56 c.hubert-dorel@quadient.com financial-communication@quadient.com | OPRG Financial +33 (0)1 53 32 61 51 /+33 (0)1 53 32 61 27 isabelle.laurent@oprgfinancial.fr fabrice.baron@oprgfinancial.fr |
+33 (0)1 45 36 31 82 c.baude@quadient.com |
APPENDIX
Q4 2023 consolidated sales
Q4 2023 consolidated sales by Solution
In € million | Q4 2023 | Q4 2022 | Change | Organic change |
Intelligent Communication Automation | 66 | 61 | +7.6% | +7.2% |
Mail-Related Solutions(a) | 196 | 199 | (1.6)% | +0.3% |
Parcel Locker Solutions(a) | 22 | 25 | (9.3)% | (4.8)% |
Group total | 284 | 285 | (0.3)% | +1.4% |
(a) Mail-Related Solutions and Parcel Locker Solutions have been restated to reflect the fact that they now include activities previously accounted for in Additional Operations. |
Q4 2023 consolidated sales by geography
In € million | Q4 2023 | Q4 2022 | Change | Organic change |
160 | 157 | +2.2% | +4.9% | |
Main European countries(a) | 97 | 97 | +0.1% | (1.8)% |
International(b) | 27 | 31 | (14.3)% | (6.7)% |
Group total | 284 | 285 | (0.3)% | +1.4% |
(a) Including (b) International includes the activities of Intelligent Communication Automation, Mail-Related Solutions and Parcel Locker Solutions outside of |
Full-year 2023
Consolidated income statement
In € million | FY 2023 (period ended on | FY 2022 restated (period ended on | FY 2022 reported (period ended on |
Sales | 1,062 | 1,071 | 1,081 |
Cost of sales | (274) | (286) | (291) |
Gross margin | 788 | 785 | 790 |
R&D expenses | (63) | (57) | (57) |
Sales and marketing expenses | (275) | (274) | (277) |
Administrative and general expenses | (176) | (185) | (186) |
Service and support expenses | (109) | (112) | (114) |
Employee profit-sharing, share-based payments and other expenses | (7) | (6) | (6) |
Current operating income before acquisition-related expenses | 157 | 151 | 150 |
Acquisition-related expenses | 11 | 10 | (10) |
Current operating income | 147 | 140 | 140 |
Optimization expenses and other operating income & expenses | (15) | (73) | (73) |
Operating income | 132 | 67 | 67 |
Financial income/(expense) | (31) | (36) | (36) |
Income before taxes | 101 | 32 | 31 |
Income taxes | (17) | (17) | (16) |
Share of results of associated companies | (0) | 1 | 1 |
Net income from continued operations | 84 | 16 | 16 |
Net income of discontinued operations | (14) | (0) | 0 |
Net income | 70 | 16 | 16 |
Minority interests | 1 | 3 | 3 |
Net attributable income | 69 | 13 | 13 |
Simplified consolidated balance sheet
Assets In € million | FY 2023 (period ended on | FY 2022 restated (period ended on |
1,082 | 1,080 | |
Intangible fixed assets | 121 | 125 |
Tangible fixed assets | 156 | 150 |
Other non-current financial assets | 65 | 80 |
Leasing receivables | 598 | 595 |
Other non-current receivables | 2 | 5 |
Deferred tax assets | 17 | 18 |
Inventories | 67 | 83 |
Receivables | 228 | 220 |
Other current assets | 84 | 82 |
Cash and cash equivalents | 118 | 158 |
Current financial instruments | 2 | 3 |
Assets held for sale | 9 | 0 |
TOTAL ASSETS | 2,550 | 2,599 |
Liabilities In € million | FY 2023 (period ended on | FY 2022 restated (period ended on |
Shareholders’ equity | 1,069 | 1,030 |
Non-current provisions | 12 | 13 |
Non-current financial debt | 715 | 730 |
Current financial debt | 66 | 114 |
Lease obligations | 46 | 50 |
Other non-current liabilities | 2 | 3 |
Deferred tax liabilities | 104 | 136 |
Financial instruments | 5 | 6 |
Trade payables | 79 | 81 |
Deferred income | 212 | 203 |
Other current liabilities | 225 | 234 |
Liabilities held for sale | 15 | 0 |
TOTAL LIABILITIES | 2,550 | 2,599 |
Simplified cash flow statement
In €millions | FY 2023 (period ended on | FY 2022 restated (period ended on |
EBITDA | 244 | 240 |
Other elements | (19) | (17) |
Cash flow before net cost of debt and income tax | 225 | 223 |
Change in the working capital requirement | (6) | (40) |
Net change in leasing receivables | 0 | 8 |
Cash flow from operating activities | 219 | 192 |
Interest and tax paid | (55) | (35) |
Net cash flow from operating activities | 165 | 157 |
Capital expenditure | (101) | (87) |
Net cash flow after investing activities | 64 | 70 |
Impact of changes in scope | (5) | 3 |
Others | (1) | 0 |
Net cash flow after acquisitions and divestments | 58 | 73 |
Dividends paid | (21) | (21) |
Change in debt and others | (38) | (394) |
Net cash flow from financing activities | (59) | (415) |
Cumulative translation adjustments on cash | (2) | (3) |
Net cash from discontinued operations | (8) | 2 |
Change in net cash position | (11) | (344) |
2022 figures have been restated to reflect Mail-Related Solutions Italian subsidiary being reclassified as discontinued operations in 2023 (as per IFRS 5)
Organic change excludes currency and scope effects
(1) FY 2023 sales are compared to FY 2022 sales, from which is deducted revenue from Graphics activities in the Nordics and Shipping business in
(2) Current operating income before acquisition-related expenses
(3) Including IFRS 16
(4) FY 2023 ARR was impacted by a €4.0 million negative currency effect vs.
(5) For the FY 2023, the average compounded number of shares is 34,520,833
(6) EBITDA = current operating income + provisions for depreciation of tangible and intangible fixed assets.
(7) Click here to access H1 2023 press release, published on
(8) FY 2022 Balance sheet has been restated for a total amount of €52 million linked to accounting corrections in relation to accounting irregularities and practices that did not comply with Group procedures in the Mail-Related Solutions Italian and Swiss subsidiaries
(9) Net debt / shareholders’ equity
(10) Based on 2020 current operating income before acquisition-related expenses excluding Parcel Pending’s earn-out reversal, i.e. €145 million, with a scope effect resulting in a €140 million pro forma
Attachment
© OMX, source